Zscaler Reports Fourth Quarter and Fiscal 2024 Financial Results

Financial Performance - Revenue for the fourth quarter grew 30% year-over-year to $592.9 million [1][3] - Calculated billings increased 27% year-over-year to $910.8 million [1][29] - Deferred revenue rose 32% year-over-year to $1,895.0 million [1][29] - GAAP net loss decreased to $14.9 million from $30.7 million year-over-year [1][3] - Non-GAAP net income increased to $140.6 million from $100.9 million year-over-year [1][3] - Cash provided by operations was $203.6 million, or 34% of revenue, compared to 30% in the same quarter last year [3][29] - Free cash flow was $136.3 million, or 23% of revenue, compared to 22% in the same quarter last year [3][29] Full Year Highlights - Total revenue for fiscal 2024 was $2,167.8 million, a 34% increase year-over-year [4] - GAAP net loss for the full year was $57.7 million, down from $202.3 million in fiscal 2023 [4] - Non-GAAP net income for the full year was $508.1 million, compared to $277.0 million in fiscal 2023 [4] - Cash provided by operations for the full year was $779.8 million, or 36% of revenue, compared to 29% in fiscal 2023 [4] Business Developments - The company surpassed half a trillion daily transactions, reinforcing its leadership in the Zero Trust cloud security market [5] - Collaborated with Google Chrome Enterprise to enhance secure access and data protection for enterprise users [6] - Launched innovations in AI Data Protection, enhancing its capabilities to protect data across various channels [7] - Announced a partnership with NVIDIA to accelerate AI-powered security services for enterprises [8] Future Outlook - For Q1 fiscal 2025, the company expects revenue between $604 million and $606 million [10] - For the full year fiscal 2025, projected revenue is approximately $2.60 billion to $2.62 billion [10] - Non-GAAP net income per share for fiscal 2025 is expected to be between $2.81 and $2.87 [10] Changes in Financial Reporting - Effective August 1, 2024, the company will use a long-term projected non-GAAP tax rate of 23% for non-GAAP net income calculations [9][35]